A recent autumn storm caused the destruction of the metal goal fame in our garden. The small goal with the weather-beaten net had fallen into disuse. But I liked it seeing it there on the grass. I suppose I half-expected, half-hoped, it would be used again. Once, it was a father and son thing and had been constructed carefully from a nice set of plans. At the time, it impressed both son and daughter no end. But that was then, this was now.
One of our trees, blown over by the recent high winds, caused the goal frame’s final demise. As I unscrewed the twisted metal I thought of the hours of innocent fun it had given us. It had been the scene of many goals and not a few great saves. My son, who is soon off to uni, smiled thoughtfully as I mentioned that this was the end of the ‘goalposts of childhood’. Perhaps he knew what I meant.
My own childhood goalposts had been ‘doon the back’. Drawn with chalk on the red brick of the ‘sausage wall’ at one end, and on part of the ‘wash hoose’ at the other. Many a league, Cup and international match was played out between those goals on the Dennistoun dirt. We once put on a parallel version of a historic England v Scotland match while the real match was being played at Wembley. Jim Mone sitting on one of the dykes had a transister radio to his ear. As we played our match he chalked up live score updates on the wall — our Twitter and FaceBook anno 1967. What a day.
We did use a pile of jackets up on the old Dennistoun cricket pitch, but only rarely. Mostly, we played on the red gravel surface at the Finlay Drive entrance. That pitch was fitted with real goalposts — like the ones they had at Hampden. Or so we imagined.
These sentimental memories of receding years accompanied my removal of the ruined metal goal frame. But, as you can imagine, it seemed an almost symbolic act. For fans of Scottish football the ‘goalposts’ that once defined the game of our football childhoods — have not only been moved, they’ve been been twisted and mis-shapen out of all recognition.
The past decades have seen a fundamental change in the way our game is run and governed, at home and abroad. Money is now king and sporting consideration is a luxury we sometimes have to put to one side — or at least, so we’re told.
At the risk of stating the obvious, sport, if it is to mean anything at all, has to be based on clearly defined rules and principles. These rules must be applied equally to all the participants, they are certainly not optional extras. However, to misquote and paraphrase George Orwell, ‘all teams are equal, but some teams are more equal than others’ — at least, when it comes to Scottish football.
The efforts by the SFA to re-interpret rules to fit the unfortunate circumstances surrounding the demise of Rangers FC in 2012 have left most of us scratching our heads. Much of the Scottish media has backed up the SFA’s efforts, something which has added to the general confusion and chaos. In fact, it’s become clear that the death of Rangers, as we knew them, has been such a traumatic event that it must be denied. The authorities and media seem to have been so besotted with one club that its loss is out of the question. And so, it’s been gifted a bizarre kind of immunity from liquidation and death that implies its on-going existence, long after it drew it’s final breath.
This situation has opened the door to a legion of businessmen on the make. They have been allowed to perpetuate the myth, with SFA blessing, that they ‘saved’ Rangers. And their unwavering message is, that they can only succeed if fans keep giving them their hard-earned cash. To those outside the blue bubble it looks like a huge con trick. If the only source of real money in football is the fans, then the Ibrox faithful have been royally fleeced.
How different it could have been if the former club had been allowed a dignified end. A year out of the game would probably have allowed fans to restart a newco of their own. They could have applied for entry into the professional leagues along with the other clubs waiting in line. Chances are they would have been given special dispensation, and walked straight into the bottom tier. Of course, they would have claimed to be the continuation of the spirit of the previous entity — but would anyone have argued against that? How different it could have been if the rules governing the game had been respected. The SFA may even have kept their dignity intact and the press not felt obliged to print half-truths, falsehoods and lies.
You’ve got to wonder why Dunfermline and Hearts fought so desperately to avoid liquidation. After all, the Scottish football authorities now seem intent on convincing us that liquidation has little or no effect on a football club. Even past sins, such as wrongly-registered players are as naught — if, at the time, they were thought to have been registered correctly. By this logic, we have to ask: if a ‘company’ running a ‘club’ bribes a referee, will retrospective action will be taken against the ‘club’. The players and the club, after all, will have done nothing wrong. And since the referee was not known to have been bribed, and not struck off, he was qualified to referee the match in question, at the time. Using the SFA thought process, the result would probably be allowed to stand. Personally, I’m not sure I follow SFA logic. They’ve ‘moved the goalposts’, and (you saw it coming) bent them into an unrecognisable shape.
Which brings me back to our garden. The old metal goal frame is waiting to be driven down to the local re-cycling centre. The twisted metal and worn-out net are useless. Ruined by forces beyond our control. There is no interest in a replacement at present. Perhaps, if we have grandchildren, they will show an interest in football. If they do, I’ll build a new set of goalposts. They’ll be straight and true, the way the goalposts of childhood should be. The way goalposts should always be.
You know it’s coming…
===================
We have observed over the last couple of years that the SFA hierarchy doesn’t like to engage with the fans or the MSM, unless they want to.
The SFA has also blanked hundreds/thousands (?) of direct queries – typically from concerned football fans – about how the SFA was giving all sorts of favours / preferential treatment to the Ibrox club.
Regan and Ogilvie seemed to be quite content to remain disconnected in the Hampden bunker.
Now there has been a flurry of activity.
The launch of an Integrity Hotline yesterday.
And today we have Regan talking specifically about ‘Rangers’, and that Scottish football still needs the club ‘for the good of Scottish football’.
So, all we can reasonably deduce is that this is a planned strategy to now engage with the SMSM and fans.
IMO, the only help the SFA can give TRFC is to fast-track them into the SPL.
Even if McCoist was able to keep all his current squad, there is no guarantee that he will win the Championship at the first attempt.
It looks like he will have a much poorer squad next season.
So would the SFA be happy to wait an extra season, 2 seasons, 3 seasons…for the Ibrox club to achieve SPL promotion on sporting merit alone ?
If the SFA has decided to help TRFC – for the good of Scottish football – the only option, IMO, is placement directly into the SPL.
I know, it’s a ridiculous idea…again. 🙄
SAY NO TO SEVCO !
http://www.nimrodcapital.com/?p=450
New shareholders in RIFC PLC- some interesting info.
DAMILLE INVESTMENTS II LIMITED (LSE:DIL2) (the “Company”)
7 January 2014
Announcement of Net Asset Value as at 31 December 2013
The Company announces that the unaudited net asset value per share as at 31 December 2013 was 106.79p amounting to a net asset value of £78,849,474.42.
Overview
The Company is a Guernsey registered, closed-ended investment company which is listed on the Specialist Fund Market of the London Stock Exchange and on the Channel Islands Securities Exchange.
The investment objective of the Company is to realise significant capital returns for its shareholders with low volatility, by investing in a concentrated portfolio of primarily equity securities. In the opinion of the Company, many but not all of these companies would benefit from implementing certain measures to optimise their balance sheets and align management and shareholder interests. Such issuers are expected to be, but will not be limited to, closed-ended investment funds, investment companies and other corporate entities, such as real estate companies or natural resource companies.
The Company does not have a fixed life however, the Company’s directors (the “Directors”) are required at the first Annual General Meeting held following the fourth anniversary of admission to propose an ordinary resolution that the Company continue its business as a closed-ended investment company (the “Continuation Resolution”). If the Continuation Resolution is passed, the Directors are required to propose a further Continuation Resolution at the Annual General Meeting held every second year thereafter.
The Directors are permitted in each year following the second anniversary of admission to offer at their absolute discretion to each holder of shares an option to redeem up to 15% of their shareholding, subject to any legal or regulatory requirements and, in particular, the Companies Law (the “Redemption Offer”). The Company intends to make a Redemption Offer in each such year, save in exceptional circumstances, where the Directors consider that to do so would result in a breach of applicable law or would have a material adverse effect on the Company. As such the Directors intend to use their discretion to implement the Redemption Offer during the first quarter of 2014 and an RNS announcement setting out the terms of the Redemption Offer is expected to be released at the end of January 2014.
Damille Investments II
Probably linked to Damille Investments
http://www.damilleinv.com
stated strategy to invest in:
“companies…that the directors consider can be properly valued on a NAV Valuation Basis….
“many of these companies would benefit from implementing certain measures to:
-optimise their balance sheets; and
-align management and shareholder interests.”
Wonder why they are interested………
Not The Huddle Malcontent says: at 3:31 pm
their website http://www.damilleinv.com says this is the board
neepheid says: at 3:37 pm
http://www.nimrodcapital.com/?p=450
New shareholders in RIFC PLC- some interesting info.
.
Out of the frying pan……………
Blimey!!
Now that Damille and chairman Richard Prosser has been revealed as the owner of 2M shares, it is probably worth rereading this article from 100bjd on scotslawthoughts, re Allenby Capital
http://scotslawthoughts.wordpress.com/2012/10/19/imran-ahmad-of-rangers-the-portfolio-of-his-former-co-allenby-capital-by-100bjd/
m.c.f.c. says:
January 15, 2014 at 3:04 pm
2 0 Rate This
Is there a club where HMRC investigatees meet to exchange tricks and tiips and “opportunities” ?
Richards Hughes, the co-founder of small-cap broker Zeus Capital, has sold his entire 3.38% shareholding in Rangers FC (LON:RFC).
The investor was key in the takeover of the Ibrox club in February 2012 and dumped his 2.2mln shares.
He was embroiled in a tax scandal in 2012 when it emerged HMRC were investigating 17 firms he set up for tax evasion.
http://www.proactiveinvestors.co.uk/companies/news/64886/zeus-capital-co-founder-hughes-dumps-rangers-stake-64886.html
———
Amusing. It says on that web page ‘Deal Rangers FC plc Tax Free’ 😀
And then, ‘losses can exceed your initial deposit’.
You feel you’re looking into a parallel universe.
Good article by Speirs
It’s taken him a while to find out what the rest of us have known for a while
That is the original Damille NTHM. That company will be wound up in March. the mark 2 version has much the same people on slightly different roles.
http://www.damilleinvestmentstwo.com/home.php?opt_choosen=accept&cmdContinue=Continue
Some info about Damille 2. It is interesting to know that the original Damille Investments was set up by much the same people and had a life of only four years (until March this year actually)
Wonder when Chris Graham will be writing his follow up on the EC investigation……….seems he may well have some back tracking to do…………
David Meikle @cllrdmeikle 1h
GCC advises “all land transactions were for market value & were independently verified”. GCC has provided info to EC, awaits their decision.
Edit to add – above tweet came from:
David Meikle
@cllrdmeikle
Conservative Councillor for Pollokshields Ward on Glasgow City Council. All views my own. Favs & RTs are not endorsements. info@david4pollokshields.com
Glasgow, UK · david4pollokshields.com
Appleby trust jersey….where have i heard that name before?
2.75m RIFC shares were sold yesterday in the space of 15 minutes.
We now know that Richard Hughes sold his holding of 2.2m.
So another investor (or investors) sold around half a million shares at more or less the same time.
Seems unlikely to be a coincidence.
Exiled Celt says:
January 15, 2014 at 4:32 pm
You can say what you like about the bold Chris Graham mate but he has been nothing but consistant..
He has consistantly backed the wrong horse at every stage in their death spiral.
Quoth Stewart Regan:
““As far as Rangers’ position is concerned clearly there is a lot of work that Graham Wallace is putting in place to get the club back to a stronger place,” said Regan. “I sincerely hope he’s successful. It’s good for Scottish football to have the club back on a firm financial footing.
“He needs all the support he can get to get that in place.”
And there we have it in a nutshell. The facade laid bare, the one and only priority for Regan and the SFA establishment, the Ibrox Project.
It IS NOT and never has been good for Scottish Football to have a strong Rangers/Sevco! Just where is the proof for this glib and shameless lie! Rangers have never put one penny in the pocket of my club Hibs, and in fact the opposite is true. Their rampant greed and triumphal dominance, allied to their bogited fans have denied trophy opportunites, stolen players, and driven away fans.
“he deserves all the support he can get….” Oh REALLY! Why? Do those running, Raith Rovers, Clyde, Stranraer, Albion Rovers and so on not deserve all the support they can get? What makes the Ibrox project such a special case?
Honestly, I’m so mad I can hardly type! Honesty hotline? The SFA make me puke.
It’s probably worth reminding ourselves that Regan is ultimately the mouthpiece of the 42 member clubs.
It would seem unlikely then that anything Regan says wrt TRFC has not already been vetted and agreed – by at least some of the member clubs ?
StevieBC – not sure everything or anything Regan says or does has been agreed first – at a high level he has his work duties as laid out in his job description and he will be going onwards with that – he may have to report the progress to committees or in a status report – but that won’t necessarily go to all 42 clubs..
If my memory serves me correctly, I think Clyde had confirmed they had never seen the details of the 5 way agreement – and I doubt any on the 41 clubs have. Only 2 clubs saw that – TRFC and RFC-NIL.
If you remember the famous email he sent before boarding his flight, I did not see all 42 chairman copied on that 🙂
Am sure in his status meetings there will be lots of posturing and spinning from him on what he is doing and potential deals etc – but I am not sure that Sir Turnbull of Hutton will have any clue what Regan has been doing minute by minute or talking to at any given time.
easyJambo says:
January 15, 2014 at 4:16 pm
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Now that Damille and chairman Richard Prosser has been revealed as the owner of 2M shares, it is probably worth rereading this article from 100bjd on scotslawthoughts, re Allenby Capital
http://scotslawthoughts.wordpress.com/2012/10/19/imran-ahmad-of-rangers-the-portfolio-of-his-former-co-allenby-capital-by-100bjd/
—————————————————————————————————————–
Just read through the article linked to by EJ. Allenby certainly seem to have been fond of share dilution which has been discussed here as a method of raising futher finance for RIFC.Richard Prosser of Allenby and now on the board of the newest stakeholders in RIFC ,Damille investments will be familiar with this tactic. Who benefits from further investment in Rangers? Will they try to raise just enough to limp to various staged income points such as the TRFC benefit Scottish cup semi finals and then season ticket income plus the commonwealth games cash? Ultimately it is still impossible to predict the longer term future for TRFC. Fascinating for me! Heaven knows what it is like for the fans of the club.
gunnerb says:
January 15, 2014 at 6:12 pm
“Richard Prosser of Allenby”. Are you sure? Appleby yes but not Allenby.
http://www.applebyglobal.com/our-people/partners/richard-prosser.aspx
StevieBC says:
January 15, 2014 at 5:42 pm
It would seem unlikely then that anything Regan says wrt TRFC has not already been vetted and agreed – by at least some of the member clubs ?
>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>
Well one thing for certain, he likes to run his press releases past whoever the occupier-of-the-day is in the Ibrox chair, and indeed is influenced by their opinion (remember the proposed statement on the European licence?)
Regan just seems blissfully unaware of how compromised his position is viewed, and how much his profile lacks credibility. And he wants to remain blissfully unaware.
Sorry, I’ve just added another paradox into the mix……
Is anyone surprised that Regan has been talking to Wallace ,in a normal situation no normal person would be but we are not in a normal situation and normal people who are suspicious of those who run our game are labelled ,haters and bampots .
Oct 2011 there was seemingly a dinner with CW and peepil running our game when many people on here were convinced Admin was on the cards and the rest as they say is history ,now Regan lets spill that he has met with Wallace when many on here think Admin is on the cards .
As has been asked how many other lower division CEO’s has Regan been meeting lately and if as it seems it was not at a game when and where was it .
Also what did Wallace tell him that leads him to think Wallace needs all the help he can get ,surely Regan requested a business plan from Sevco before issuing a licence ,if so ,why does he have such misgivings regards Wallace balancing the books 18 months later .
the SFA have disposed of all pretense regards Ragers /Sevco and I have also
I AM A BAMPOT
Bingo!
Someone already connecting the dots………….
cartuja @cartujakds 22m
So Zeus Capital sold their interest in Sevco?
https://twitter.com/cartujakds/status/423514635447181312/photo/1
cartuja @cartujakds 6m
Zeus Capital > Schweco Nominees > JTC Fund Managers > Braemar Group > Zeus Capital. Attempt at distancing Zeus from Sevco? To what end?
cartuja @cartujakds 3m
@monbud Or the awkward truth about the cosy relationships leading to Whyte are about to come out?
Details
No1 Bob says:
January 15, 2014 at 6:21 pm
I thought the same as you but cheching the article on Paul McConville’s site it says
“Companies house now reveals the two new joint owners of Allenby as being HB Markets PLC and Appleby Trust Jersey……..”
wottpi says:
January 15, 2014 at 6:36 pm
I thought that Allenby Capital was out of the picture as the staff did a management buyout of the HB Holdings stake in October 2013. Now owned 100% by the employees.
http://www.investegate.co.uk/allenby-capital/rns/purchase-of-shareholding-from-hbholdings-completed/201310280700164827R/
Blindsummit63 says:
January 15, 2014 at 5:22 pm
Quoth Stewart Regan:
“…. It’s good for Scottish football to have the club back on a firm financial footing.”
——————————————————————————————
Our Stewart may inadvertently be making a good point here, given that back in the 80s when Rangers were last on anything approaching a firm financial footing several different teams were capable of challenging for the league and impressing in Europe.
Apart from the wee local paper, I don’t buy ANY Scottish newspaper. I don’t listen to SSB, Off the Ball, or STV news, and seldom watch BBC Scotland news, as I don’t like my intelligence being insulted by the MSM contributors to the “Ibrox Project” (Copyright Blindsummit63). Tonight, by accident, I did catch a bit of BBC Scotland sport bit, with their new muppet, Jonathan sumpin’. How did they tackle the positive news of Celtic’s new £1.7m Norwegian international signing? – Harald Brattbak missing a penalty – “dwindling crowds at Celtic Park”…………. They can’t help themselves – and we pay a licence for this???????
StevieBC says:
January 15, 2014 at 5:42 pm
Exactly, if Regan, Doncaster and even Ogilvy didn’t exist, the clubs would have to invent them!
There is much talk on this fora and others about squirrels, the biggest squirrels of all are Regan, Doncaster and Ogilvy.
Sadly, folk fall for them every single time.
Exciled Celt
Re. Link/Cartuja
—————————————–
I appreciate the link found (Zeus to Zeus) but is it not a tenuous one?
One for the file but is it real smoke?
It seems as JTC Fund managers are working on behalf of Damille II via Schweco Nominees Limited.
And that Zeus have worked for the Braemar Group (JTC Group) in 2010.
I am a layman so will leave professionals to give their opinion.
Just had a look at the Rangers share price and Market Capitalization. Now I know this is a very simple view point and doesn’t take into account the intricacies of share trading however would I be right in thinking that about £15m would get you Rangers lock stock and barrel right now? I’m aware that not all share holders may be willing to sell at the current price and there are unreleased shares (hence why I said £15m and not £10m) .
Now I know chuckles bought everything for £5m + football debts, lets call it £8m in total. That was for a stadium, a training complex and a bunch of players not good enough to attract any other clubs.
That’s now a stadium, training complex, a team in the 3rd tier, a 40,000 customer base and essentially debt free. I’d say £15m looks like a like the going rate for a majority shareholding in that, maybe even a bit of a bargain. Wonder why Dave King isn’t swooping in. Genuine question. Yes I now about the burn rate of cash but that can be sorted, a club with that sort of resource must be worth something??
Hello everyone, this is my first post but I have been lurking since the latter days of RTC.
You can work out what team I support without being Sherlock!
Anyway, I really don’t think there is anything strange that Regan is very interested in how TRFC’s finances are holding up. What he and the SPFL don’t want is the calamity that the Govan club may not fulfil all its fixtures this season.
The way they connived with D&P’s non-administration to let Rangers continue to trade / play football until the end of 2011/12 was criminal. Regan knows that they won’t get away with that nonsense again.
Zeus only acted as Financial Advisor and Nomad during the takeover of Braemar Group plc by Brooks Macdonald Group plc.
bobcobb74 says:
January 15, 2014 at 11:49 am
– there are so many CA’s at Ibrox that I think we will soon need a collective noun for them. (A dissimulation of Accountants, maybe? A scourge?) ================================================================================
Superb ass/dissimulation bobcobb…!…but “scourge”…?…reminds me of a nickname we had for a maths teacher we had…in that school opposite the old womens’ prison in Duke Street, Glasgow…!
“Scourge” indeed…wait till I tell my pals…!
douglas reynholm says:
January 15, 2014 at 8:02 pm
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Just had a look at the Rangers share price and Market Capitalization. Now I know this is a very simple view point and doesn’t take into account the intricacies of share trading however would I be right in thinking that about £15m would get you Rangers lock stock and barrel right now? I’m aware that not all share holders may be willing to sell at the current price and there are unreleased shares (hence why I said £15m and not £10m) .
Now I know chuckles bought everything for £5m + football debts, lets call it £8m in total. That was for a stadium, a training complex and a bunch of players not good enough to attract any other clubs.
That’s now a stadium, training complex, a team in the 3rd tier, a 40,000 customer base and essentially debt free. I’d say £15m looks like a like the going rate for a majority shareholding in that, maybe even a bit of a bargain. Wonder why Dave King isn’t swooping in. Genuine question. Yes I now about the burn rate of cash but that can be sorted, a club with that sort of resource must be worth something??
===================================
As someone has previously posted anyone gaining over 30% of the shareholding is legally obliged to make an offer to the remaining shareholders at the highest price the share was traded at in the previous 12 months. As this was around 88p the purchase of the club via this route would cost around £40m
john clarke says:
January 15, 2014 at 2:16 pm
The Intrepid John Clarke. I applaud your indefatigability sir!!!
No1 Bob says:
January 15, 2014 at 7:05 pm
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wottpi says:
January 15, 2014 at 6:36 pm
I thought that Allenby Capital was out of the picture as the staff did a management buyout of the HB Holdings stake in October 2013. Now owned 100% by the employees.
http://www.investegate.co.uk/allenby-capital/rns/purchase-of-shareholding-from-hbholdings-completed/201310280700164827R/
————————————————————————————————————————————
Hi Bob , the article I based my post upon is dated as October ’12.I apologise if you believe the suggestion that Mr. Richard Prosser’s familiarity with the practice of share dilution to raise cash due to his prior association with Allenby via Appleby is anyway misleading.It was not my intention to do so.I am more intrigued with the why of Damilles involvement and how the other major shareholders might react.
We still have people talking about Rangers being debt free.
Rangers, the club is not debt free it is far from it, it owes somewhere over £20m to Rangers PLC and that’s the big point.
RIFC PLC currently has a market capitalization of around £18m. However it is also owed something over £20m. That makes it rather attractive.
Now the football club has huge debts, actually higher than it’s turnover. It is also losing around a million pounds a month. That is a basket case.
The only sensible option for the PLC is to dump the loss making football club, after collecting what they are owed from it.
Greenock Jack – any link – no matter how tenuous – should be of concern to you, I would have thought….
douglas reynholm says:
January 15, 2014 at 8:02 pm
4 3 Rate This
Just had a look at the Rangers share price and Market Capitalization. Now I know this is a very simple view point and doesn’t take into account the intricacies of share trading however would I be right in thinking that about £15m would get you Rangers lock stock and barrel right now?
***************
Or in laymans terms, TRFC are worth less than Celtic received for Wanyama and Hooper………..
So much for CG’s “let’s see in 1 years time” boast………………….
Exciled Celt
As I said, for the file.
Just catching up on the various postings today regarding Stewart Regan interviews and Graham Spiers opinion pieces. Can Stewart, Graham, indeed ANYONE at all define what Rangers being ‘successful’ actually means? All the time Regan has been at the SFA he has witnessed the old Rangers completely imploding by spending way beyond their means, while the new Rangers have just picked up where they left off. Spiers has been around the scene a bit longer, and will be able to remember all of the past 27 and a bit years since Graham Souness first set foot in Ibrox as Manager and this entire fantasy, funded by others, began. In all that time any success they had was unfairly achieved using other peoples money that was not available to any other club. So I ask again, what do they actually mean when they talk about Rangers being successful?
As for Regan, his comments in various media outlets today have been utterly appalling, and have shown utter contempt to every other club and their fans, apart from the club from Ibrox. When did he last say he wanted any other club to be successful, and when did he ever praise the many Scottish clubs at various levels who are run on an honest basis, only enhancing what they have on the pitch once other commitments have been met? To cast aside his stance of trying to force the newco into the top league as if it never happened is disgusting. In any other business the media would have created such a stink he would have been forced to resign.
It sickens me to the pit of my stomach. We can never have peace in our game with such charlatans in charge, ignoring the customers at ever turn, and virtually sticking two fingers up at them by extending an olive branch to the wreckers who destroyed our game.
tomtom says:
January 15, 2014 at 8:17 pm
Tif Finn says:
January 15, 2014 at 8:38 pm
Thanks tomtom, wasn’t aware it was the highest price in the last 12 months. Just googled that……yeah, very expensive way to get control, not the bargain I thought it was!
As for the Debt free…..the shares are in the PLC aren’t they? It’s the club that has the internal debt (not club as in the RFC interpretation of club) to the PLC.
Anyway, thanks guys, a little clearer in my head head now on how f******d they potentially are!
Just catching up on that Jackson story. This whole nonsense keeps reminding me of thee way things appear to work at our own City Chambers:
Loyalty, rewards, greasy poles etc:
http://www.eveningtimes.co.uk/u/news/councillor-sacked-from-spt-over-disloyalty-claims.1370503297
http://newsnetscotland.com/index.php/scottish-politics/6573-labour-councillors-unfit-to-represent-glasgow-after-misconduct-ruling
I find it hard to believe that KJ believes a word that he writes or says. He’s maybe doing a job for someone and is at the BBC for a reason (and we know it’s probably not because of his skill as a journalist).
Tif Finn says:
January 15, 2014 at 8:38 pm
However it is owed that £20M by a loss making subsidiary that can’t pay it back.
Jack
For some reason your humourous response to me at 9.40am appears to have disappeared so I can’t comment on precisely what you said as I can only see snippets in later posts by others.
To cut to the chase, my philosophy in life is to work hard and treat others as you would expect to be treated.
Today I spent most of the time assisting three clients who have genuine financial difficulties, particularly in relation to HMRC. They want to pay what they owe, they acknowledge the debt and, with assistance from their legal and financial advisers they are taking steps to sort themselves out and pay HMRC. Yes it will be late, and yes it will be paid over a longish timescale, but they will get there in the end.
Those are the kind of people I respect. We are after all travelling this road together so it gars me greet when I see other people (“the big shots”) who regard red traffic lights, rules & regulations and social taxes as an irrelevance and just for the little people.
If we all aped the behaviour of the big shots who consider the rules don’t apply to them, there would chaos. Thankfully the vast majority don’t.
In the context of this and previous fori, what inspired me to put finger to keyboard in the first place some 3 years ago was the knowledge that in the sporting realm, one of our biggest clubs, with enormous responsibility, to football, to its supporters and to the larger society, had decided some time previously that it was one of the big shots to whom the rules didn’t apply.
Friendly banks would offer soft loans to it with no inkling as to repayment,
high falutin advisers would come up with fancy tax schemes to avoid the basic social taxes required to keep the wheels of society turning,
responsible journalists turned a blind, blue-tinted eye to the goings on,
PR guys would plant stories, bluff and threaten their way through the Scottish press to paint a picture which was a travesty of reality
employees of the big shot were encouraged to, and did knowingly, shred documents which the law required to be kept and produced,
employees of the big shot prevaricated for 4 years in dealing with an enquiry by a government body into the non-payment of taxes
falsehoods and half truths were advanced to allow a public hearing to be heard in private and the witness given anonymity, against all the laws of the tribunal
officers and employees of the big shot lied and dissembled in front of this tribunal, having delayed its course for over 18 months
the authority in charge of the game turned a blind eye to everything, being itself headed by an individual who for 27 years had been employed by the big shot, been part of such goings on and had himself enjoyed being a big shot to whom the normal laws regarding taxation did not apply.
Thankfully, this Biggest of the big shots got its come-uppance – liquidation, humiliation and repudiation, but not before shafting the people with whom it did business, from the heights of HM Treasury down to the shoddy depths of its near neighbour, the newsagent round the corner in Copland Road.
The squalid list of creditors should be writ large and pasted all over the red brick facade of Ibrox Stadium, as a reminder to all.
Had the remnants of the biggest big shot reformed, adopted a pose of genuine remorse and sought with humility to play its way back into the sporting life of this nation, we could all have accepted that and indeed most including me would have welcomed it.
Instead what we have witnessed over the past 2 years has been nothing short of disgraceful as lawmakers have sought to bend the rules,
agreements have been drawn up in secret,
journalists have ignored the truth and peddled lies,
employees of the new entity have pronounced consequences to be punishments, used dog whistle tactics to scare and intimidate people, harassed those few journalists who do tell the truth and insisted that the big shot is still exactly the same big shot as existed two years ago, bar the debts
the same PR guy continue to place stories that seek to rewrite history, cover up the truth or just plain muck-spread in the hope that some of it will stick.
On top of all of that, the public service broadcaster in this country has proved itself to be partial to an unacceptable extent to the interests of the big shot, old and new versions (though of course they are purported to be one and the same); its sports programmes are packed to the gunnels with ex-players, managers and agents of the big club so that no impartial comment is permitted but rather the lies and half-truths surrounding the club that didn’t die (just shed its debt you know) continue to be broadcast on radio and television ad nauseam.
That cover up and the continuing lies are what drives those of us who believe in equity and fairness. We are not driven by bile, but are we angry? You’d better believe it.
It is clear to anyone with a modicum of a financial knowledge that the new big shot is shortly going to run out of money.
That it should come to this after everything that has happened is a scandal on an unprecedented scale. Scottish football is coming to a crossroads and seems ill prepared to make the right decisions, mainly because of the distortion of the truth that has plagued the game for the past 2 years.
Finally, to those who thought my references to assisted suicide in poor taste, there was absolutely no offence intended and I regret if you were.
For the past 2 years this and other similar sites have referred to self-inflicted wounds, slow lingering deaths, autopsies, post-mortems, zombies, skeletons and worse. So I trust I can be forgiven for not foreseeing that drawing a parallel between the self-inflicted (with assistance from HBOS and a compliant press) death of the inanimate object that was Rangers and the much heralded assisted, but mainly self-inflicted (so I am told) death of a fictional person in a television soap opera could cause offence.
54 (paragraphs, sorry!)
Unfortunately at the current time I was unable to make a contribution to the fund for Paul McC but I will do at some point in the near future when my finances are more stable. I thoroughly enjoyed his extremely detailed analysis on all things Sevco and SFA, I’m only disappointed that 7 “persons” chose to give a thumbs down to the TSFM statement. That really does leave a bad taste in my mouth but I guess that’s where we are in Scottish Football at the moment……
essexbeancounter says:
reminds me of a nickname we had for a maths teacher we had…in that school opposite the old womens’ prison in Duke Street, Glasgow…!
“Scourge” indeed…wait till I tell my pals…!
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I don’t remember him!
It can’t pay it back in cash just now Phil, but it does have various assets which it owns.
A football stadium, a training ground, a car park, a building, various players registrations.
The real point though is that Rangers (the football club) has debts higher than a years turnover and is losing £1m a month. It cannot be saved in my opinion, not unless someone actually gifts it money.
Tif Finn says:
January 15, 2014 at 8:38 pm
We still have people talking about Rangers being debt free. Rangers, the club is not debt free it is far from it, it owes somewhere over £20m to Rangers PLC and that’s the big point.
RIFC PLC currently has a market capitalization of around £18m. However it is also owed something over £20m. That makes it rather attractive.
Now the football club has huge debts, actually higher than it’s turnover. It is also losing around a million pounds a month. That is a basket case. The only sensible option for the PLC is to dump the loss making football club, after collecting what they are owed from it.
=======================================================
I realise that down Ibrox Way One Million £ is just a mere bagatelle. But the £1 million drawn down by Rangers from one of Ashley’s companies and mentioned in Ranger’s latest accounts just seems to be ignored. After all what’s £1 million between pals doing multi-million £ deals with each other.
Still Ashley’s no mug as the debt is secured on Rangers property even though Ibrox doesn’t seem to recognise a debt as a debt and prefer to call it a draw-down facility on which interest is payable. What is it with their comprehension of the English language: Loans, debts and bigoterie 🙄
Tif Finn says:
January 15, 2014 at 9:28 pm
I don’t think MP is a real estate goldmine.
I do, however, reckon that the training ground is a huge wound in their cash flow-it burns money.
There is a sustainable business there-but it will take tough choices that the customer base won’t like.
slimshady61 says:
January 15, 2014 at 9:11 pm
‘..54 (paragraphs, sorry!)’
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And every one of them a winner!
Blindsummit63 & slimshady61
Well said Gentlemen, well said.
Slim @ 911
I have to say that you express yourself well, in a measured manner and with a tone which if you used habitually would serve you well, IMO.
I would contest some of the points you make, agree with others and raise my own but haven’t the time or energy at present to embark on such a post.
This is where we disagree Phil.
I do not see there being a viable business. They have too much debt, they have too high overheads, they have too little income
Had they done what was required when the old club died and the new one was formed then yes, there could have been a viable business. I can accept that and agree with it. However they didn’t and not by a long way. I am not convinced that the next “A Rangers” (as Craig Whyte said) will do it properly either. The words of Walter Smith about them being different from other clubs and effectively saying that they would have to spend money even if they didn’t have it told the whole story.
The hubris of the club and the support does not allow them to face reality.
gunnerb says:
January 15, 2014 at 8:38 pm
I’m pretty sure that Richard Prosser is fully conversant with all manner of share dilution practices it is just that at the moment I cannot see a direct link between Mr Prosser and Appelby Group to Allenby Capital and through to Imran Amhad and onto Zeus. Links may emerge but as yet they have not been found.
In this case I think that Appelby Trust are just being paid to provide admin and trust services to Damille Investments Limited and that Richard Prosser sits on the board of the company as part of this service just as he does for other Trusts.
Like you, I want to know why Rhys Cathan Davis and Brett Lance Miller, who both own 50% each of Damille Partners, have bought shares in RIFC through their investment vehicle Damille Investments. I cannot see them having any interest in a failing Scottish football team other than to work the assets.
Damille Partners state this on their website:
“Investment Philosophy:
Our investment philosophy emphasizes capital preservation. In short, we believe that the price at which a security is purchased is the most important factor in mitigating the risk of permanent loss of capital.
Furthermore, we believe that the discipline and patience to only invest in securities at a price which offers a sufficient discount to their realizable net asset value (what we term RNAV) offers the most appropriate framework to mitigate the risk of permanent loss of capital and thereby generate positive returns in any prevailing market environment.”
The only assets to be realized are Ibrox and Murray Park. Without a loss making football club RIFC plc could be a profitable property co / land bank.
If I was a supporter of ‘Rangers 2’ I would be afraid, very afraid.
An open letter to Mr S Regan, Scottish Football Association (“the SFA”).
Dear Stewart,
With reference to the business plan submitted by Mr C Green on behalf of Rangers as requested of the SFA.
I do not seek to understand any confidential information, that may have been presented to the SFA within the business plan. I seek to understand.
At what stage did you feel – oh my giddy aunt, we have fallen for this again – there is no way on god’s good earth that this plan will, erm, work – how can we rescue the club/company (delete as appropriate) from another financial disaster. – NB Most fans believe that if/when financial disaster comes, it will be the first time for this club. Was it:
(a) When Mr Green announced that an IPO was necessary to raise working capital to support the day-to-day running of the football side of the business? I must admit I had serious doubts at this stage.
(b) When the turn over frate of Chairman and CEOs reached record breaking proportions?
(c) When the panel on Clyde SSB started to openly pray for the return of Messer D King – noting that tax avoidance and criminal charges in South Africa do not count as it is a seperate time zone?
(d) When the share price of TRIFC performed the dead cat bounce yesterday?
(e) When the stock exchange announced that Damille Investments II purchased c2m shares and the internet bampots started to make a connection with Close Brothers? [ah Mr Whyte, I’ve been expecting you]
(f) When the AGM announced that the (ahem) Club would have to cut costs – with no clear sign that costs will be cut because its not the Rangers way?
Please accept my apologies if my hypothesis are incorrect. I fully accept that you may have not yet opened that envelope marked Rangers Business Case.
Keep up the good work!
Fritz Agrandoldteam says:
January 15, 2014 at 9:20 pm
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essexbeancounter says:
reminds me of a nickname we had for a maths teacher we had…in that school opposite the old womens’ prison in Duke Street, Glasgow…!
“Scourge” indeed…wait till I tell my pals…!
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I don’t remember him!
====
Mr Macalloon I bet. Let’s just say he was 12 stone of dynamite on a one inch fuse, and boy could he use that belt. I was good at maths, so didn’t have a problem, but I saw some pretty brutal beatings administered to the mathematically challenged. Even back then, I pondered the futility of it all.
Apologies to most of you, totally OT, I know.
Slim @9:11pm
Bravo.!! Great analysis, written in your own inimitable style.
Tif Finn says:
January 15, 2014 at 9:28 pm
I think there’s a business there worth running. £20m Turnover and that will increase next season should cover their costs if they can cut player wages and director take home. The biggest drain on resources is Mccoist, he’s hindering the development of the club football wise and he’s blowing way too much cash on the playing squad….not to mention his own wages. If he loved the club as much as he says he does he’d have resigned by now, even he must see what a liability he is. I find it incredible he’s escaped the criticism he deserves, from the MSM and the support in general.
Well said Slimshady.
Sometimes you have just got to tell it like it is.
Greenock Jack says:
January 15, 2014 at 9:46 pm
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That’s fine – I’m sure you’ll find the energy sooner rather than later. What marks this site out is that it is only a tiny minority who can be considered paranoid bams, most just want to watch a sporting encounter in the sure and certain knowledge that it’s fair, even it it’s not always even.
Right now most of us feel the way cycling enthusiasts must have felt when the truth finally dawned on them that people they regarded as fine sportsmen were in fact duplicitous cheats.
Truth, once lost, is, like Shergar, difficult to find. (apologies to all horse lovers offended by that last remark)
We want our game back!
If people believe that Rangers can be saved, the £12m deficit can be reversed and the club can break even fair enough.
I disagree, I just don’t see how it can be done.
Bearing in mind that is just to get to a break even stage, and it doesn’t address the outstanding debt.
Tif Finn says:
January 15, 2014 at 9:49 pm
I get all of that-the hubris the lack of financial common sense that WS alluded to etc.
However, revenues and outgoings could be made to meet in the middle with competent management at CEO level.
Of course the customer base wouldn’t like it, but at some point someone has to level with them.
Zeus only acted as Financial Advisor and Nomad during the takeover of Braemar Group plc by Brooks Macdonald Group plc.
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Braemar ,Ben Nevis Dave King anyone?
i Know, I’m a bampot but no very clever one, merely overly suspicious!
gunnerb says:
January 15, 2014 at 8:38 pm
“……I am more intrigued with the why of Damilles involvement..’
———
I have emailed the Miller chap to ask him.
I’ll be astonished if he replies, of course!
( And isn’t it amazing how tuppence ha’penny lots of these ‘investment companies’ are.?
RIFC’s NOMAD , for example, is, in my opinion, a bloody minnow, toiling as a company to make a profit. )
Tif Finn says:
January 15, 2014 at 10:36 pm
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If people believe that Rangers can be saved, the £12m deficit can be reversed and the club can break even fair enough.
I disagree, I just don’t see how it can be done.
Bearing in mind that is just to get to a break even stage, and it doesn’t address the outstanding debt.
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anything is possible but a drastically poorer mid table at best SPFL team, half full stadia (except when the champions come a knocking for their 3 points) and despite ego boosting SMSM stories of investment and other inaccuracies they will exist but not as the trophy laden Lance Armstrong unit under the umbrella of the Murray embezzled years
Tif Finn says:
January 15, 2014 at 10:36 pm
As the oul fella in the West of Ireland said when he was asked the way to Galway:
“Sir if I was going to Galway I wouldn’t start from here!”
All of your points are valid and evidence based.
However, turning around Sevco isn’t impossible-it is mighty difficult though.
PhilMacGiollaBhain says:
January 15, 2014 at 10:38 pm
“Of course the customer base wouldn’t like it, but at some point someone has to level with them.”
—
That’s already been done. Apparently, they have to buy the pies.
There are parallels. Lance Armstrong lied so much, he managed to convince himself he wasn’t lying.
Damille Involvement – longish read but seems to explain quite well what they are about although we don’t know who their investors are of course. Also dated with article written July 2012 so performances quoted may well have changed.
But the main thing about the article is it shows exactly what they are likely to be about and I have a strong feelings that this could all have been arranged before the Rangers agm and we will soon see a couple of new directors on the Rangers Board and perhaps Nash the Slasher could well be one.
This IMO really doesn’t look good for Rangers in footballing terms but could well suit the Damille shareholders.
http://citywire.co.uk/wealth-manager/investment-trust-insider-damille-under-the-microscope/a603825
Investment Trust Insider: Damille under the microscope
by David Campbell on Jul 17, 2012
Damille Investments and Damille Investments Two are in some ways quite similar to the two Doric Nimrod funds I talked about last week. They are all incorporated in Guernsey, listed on the SFM, share the same corporate adviser – Nimrod Capital – and the same administrator – Anson. The investment approach is very different however.
The first of these funds listed in March 2010. It was designed to profit by investing in funds at discounts to NAV and then trying to exit these investments closer to asset value. The fund has a fixed life of four years – two years to get the money invested and then a two year realisation period after which the fund would be wound up. Profits are distributed as they crystallise while loss making investments can be recycled.
The target investments were funds with market caps below £100 million. These would be encouraged to “optimise their balance sheets” and “align management and shareholder interests”. They gave themselves the flexibility to invest in any other company that could be valued on a NAV basis.
The plan was to make declarable holdings (above 3%) in these stocks and, differentiating themselves from similar funds, they could acquire controlling stakes – a benefit of listing on the SFM. This also allowed them boost their firepower by making investments through special purpose vehicles which could be up to 100% leveraged. The fund itself is permitted to gear up to 15%.
Damille was a partnership set up in 2008 by Rhys Davies and Brett Miller. It gets an advisory fee of 1.45% of NAV and a 20% performance fee which kicks in once subscribing shareholders have got their initial stake back plus an 8% compound return.
They raised the money on the back of their track record with a few funds that they bought in the aftermath of the credit crunch. A 10% stake in China Growth Opportunities Limited, 6% stakes in Off Plan Fund and Lonzim and a 2% stake in London Asia Capital had all generated significant profits. Market conditions then were not great however and they did not get as much money as they would have liked, raising £32.5 million.
They took a 17.6% stake in EIH, a fund of Indian private equity funds with a couple of direct private equity holdings. With some encouragement from Damille, the EIH Board stood down in May 2010 and Brett and Rhys were made directors. An AGM that June, EIH resolved to stop making new investments and gradually realise its portfolio, returning the proceeds to shareholders. To date, EIH has announced returns of capital equivalent to 21 cents per share. With the shares still trading above Damille’s entry price, this has been a successful investment.
They also bought a 17.3% shareholding in Rapid Realisations Fund which had made a number of pre IPO investments but was not realising them as rapidly as shareholders would have liked. Again Rhys and Brett ended up on the Board and the fund agreed to shift into realisation mode. So far Damille has got more money back than it invested and there is more to come.
The other significant stakes they took were a 7.5% shareholding in Blackstar (South African based private equity), a 27.6% holding in Loudwater Trust (US and UK private equity – again Rhys and Brett went onto the board) and a 2.7% stake in Trinity Capital (Indian property company).
These five holdings still make up the bulk of the portfolio. There is not much information on the rest although we do know that the two Damille funds have a stake in SeaEnergy, a renewables business that has sold a key asset and is returning cash to shareholders.
The initial success allowed them to expand the first Damille fund by 10% in September 2010 and very shortly afterward they were able to make their first profit distribution. These have continued on a fairly regular basis since then with the last distribution made in June this year. To date they have returned 48p per share and the NAV is around 62p per share so they have made money for shareholders but they are a little behind their performance fee target. The shares are trading around asset value.
The second fund was launched in November last year and raised £74m. We know that the new fund took stakes in Blackstar, St Peter Port Capital (a fund with a similar profile to Rapid Realisations) and Private Equity Investor (a US private equity fund that I hold.
It is making regular returns of capital shareholders. For some reason the fund leaps in value every time one of these is announced and then the price drifts off as though investors have forgotten that it is likely to make more). Apart from SeaEnergy, we do not know what else they hold but they seem to be keeping their powder dry in any case – 68% of the fund was in cash at the end of March.
If you are interested, Damille 2 might be a more attractive investment right now as its shares have moved to a discount of around 12% which seems excessive for a fund with that much cash.
I dearly wish that Slimshady’s response to GJ could be sent to the web sites of every Supporters’ Club in the country.
No one with an ounce of decency or integrity in them , could fail to react to the clear analysis contained therein.
The result should be a ferocious backlash towards the SFA, resulting in a clear out at Hampden.
It would appear that Regan is planning a Save Sevco campaign.
Should any attempt to circumvent whatever rules that are left be made, then I hope that ALL fans threaten a ST boycott of their clubs, until that threat is removed.
This, I fear, will be the last chance to reclaim the Game from spivs, cheats and facillitators.
Damille Investments II Limited
Interim Management Statement for the period 1 June to 11 October 2013.
http://www.iii.co.uk/investment/detail?type=news&code=cotn%3ADIL2.L&it=
Well worth a read especially as it lists companies it is investing in. Of particular interest is:
OUTLOOK
While the Directors expect market conditions to remain variable they are cautiously positioned and have every expectation of being able to deploy further significant capital in a variety of existing and new holdings subject only to securing those investments at a sufficient discount to their opinion of the realisable value of those investments.
Despite talk of “tapering” central banks in the developed world have been generally continuing with substantial quantitative easing programmes. This has had the effect of inflating the prices of many risk assets and making it unusually difficult for investors to assess properly what is “good value”. As a result the Company is very cautiously positioned with a high weighting in cash.
Irrespective of central bank policies, the Company’s aim remains to find fundamental value, to invest in situations where the Directors believe the share price is trading at a significant discount to their estimated realisable net asset value and then to realise that value in the medium to long term. The Directors are confident that our investment style and processes will continue to provide attractive returns in the medium and longer term.
=====================================================
I wonder if the Bears realise what this means and could lead to: ‘The Company’s aim remains to find fundamental value, to invest in situations where the Directors believe the share price is trading at a significant discount to their estimated realisable net asset value and then to realise that value in the medium to long term.’
Just remind me – what realisable assets do Rangers have ❓
UPDATE: 0000 15 Jan 2014
We received a fantastic £477.71p!!! in appreciation for the late Paul McConville. TSFM will make it a round £500.
I think we have paid Paul the greatest of respect with this tribute which will go to the British Heart Foundation on behalf of our friend, as per the McConville family’s request .
We will inform the family and seek their advice on how we make the donation. I will let you know how and when your donations are made on Paul’s behalf.
Thanks to all who have contributed – it’s been a very good response and tribute to Paul.
Finally figured out what Regan is about
,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,
He lied about Armageddon
He covered up deailings with Whyte
He carries on as if nothing has happened
He doesn`t break company law
his actions imply integrity is irrelevant
,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,
The guy is an out an out Spiv
No1 Bob says:
January 15, 2014 at 9:55 pm
‘.. I want to know why Rhys Cathan Davis and Brett Lance Miller, who both own 50% each of Damille Partners, have bought shares in RIFC through their investment vehicle Damille Investments. I cannot see them having any interest in a failing Scottish football team other than to work the assets.’
—————–
And, of course, Laxey are asset stripper specialists as well.
And, do you know, I can almost, almost, feel some Gaelic resentment at the idea that some wide boy bast.rds playing the London financial markets can destroy something in Scotland( however much it contributed to its own destruction).
I remind myself that my target is not, never has been, a particular football club, but the perversion of the football authorities and the ‘sports’ media, manifested in their readiness to subvert and destroy the very concept of ‘integrity in sport’ by refusing to tackle properly and justly the heinous offences of a club.
By their refusal to act honestly, decently, and justly under their own rules, the ‘authorities’ made a pact with the devil, and sold their soul.
If only the proper route had been followed……..
ThomTheThim says:
January 15, 2014 at 11:25 pm
‘…I dearly wish that Slimshady’s response to GJ could be sent to the web sites of every Supporters’ Club in the country…’
————
I am sure it’s easy enough to find the email addresses of most supporters’ clubs. Your man could easily email his great post to them.Maybe he has done already, or is thinking about it?
scapaflow at 7:12
Regan,Doncaster,and Ogilvie. Squirrels? Rats wi’ tales.
slimshady61 says:
January 15, 2014 at 9:11 pm
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Thankyou.
54 paragraphs. 0 disagreements.
This long post only took only a moment to read.
Because if this whole blog is like a cryptic crossword of posts and clues and evidence, your post is like the bit when someone who has been staring at the clue for ages going nowhere is told the answer and immediately all the working becomes obvious.
A Sublime summary.
Like the last 10 minutes of the murder mystery film after the reveal when they show you the different camera angles that fill in the gaps that created the mystery.
Well written. Well said.